April 12th, 2019

Week’s Top Stories: April 6 - 12, 2019

Posted at 10:00 AM ET

Insurance Risk Management 2025: Navigating the Digital Future: How could the insurance industry look in 2025, and what are the implications for the Risk function? A video from Guy Carpenter affiliate Oliver Wyman offers a futuristic glimpse of a rapidly evolving industry.

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Amid Regulatory Scrutiny Financial Institutions Must Monitor Third-Party Cyber Risk: Cybersecurity ranks among the top concerns for banks, insurers, and other financial institutions, which can represent prime targets for cyber-attackers and be vulnerable to potential disruptions because of their often-complex technology systems and the valuable financial assets and rich customer data they can hold.

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Asia’s Health Care Industry Reels from Cyberattacks: Health care is one of the sectors most vulnerable to cyberattacks, with more than one in four (27 percent) health care organizations reporting that they have been a victim of a cyberattack in the past 12 months. This is more than financial institutions (20 percent) and nearly twice the incidence in the communications, media and technology sector (14 percent). Despite this, respondents from the health care industry underestimate the likelihood of a cyberattack.

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Are You at Risk? Managing Affirmative and Silent Cyber Risk Accumulation: The script of the global cyber insurance market is still mainly being written in the United States. Approximately 85 percent of global cyber insurance premiums of between USD 2.5 and 3.5 billion are generated in the United States. The take-up rate for this line of business in Asia is still relatively low, but the Japan market has been experiencing steady growth in the last 24 months.

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Chart: Evolution of the Sidecar Market: Chart presents the evolution of sidecar capacity compared with the Global Property Catastrophe ROL Index, 2005 - 2018.

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And, you may have missed….

Chart: Global Property Catastrophe ROL Index: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2019.

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